Whereas most of the crypto markets worth their salt are still in the green, it also becomes evident the alternative market tend to struggle a bit at this time. The ongoing increase in Bitcoin value can easily drive altcoin prices down. The Enjin Coin price seems to fall in this latter category, as it is incapable of maintaining its value for very long this week.
When Will the Enjin Coin Price Recover?
It is not entirely abnormal to see altcoins lose a bit of value when Bitcoin goes through an extended bull trend. After all, altcoins derive value from Bitcoin, yet these trends tend to drive down the internal value between said altcoin and Bitcoin. Enjin Coin knows this struggle all too well, as its BTC-based losses force the USD value down as well.
More specifically, the Enjin Coin price is down by just over 3% as it dropped to $0.148364. There is also a 6.51% loss in ENJ /BTC and a 5.57% loss in ENJ/ETH. These two latter ratios cause the downward slope in USD value, and it seems things may not necessarily improve in the near future either.
On social media, the Enjin Coin community remain hopeful things will pick up again fairly soon. CryptoKing expects a target of 3.300 Satoshi to be hit, which would require a near 35% increase in value over the coming hours and days. Reaching the ultimate target of 10,200 Satoshi will not happen anytime soon, but one can always hope for a brighter future.
For those users who are mainly looking at the ENJ chart, the coming hours will offer some fireworks in any case. Posty expects the support level to hold true, but if this market keeps getting hammered, that may prove to be a very difficult task. If the support is broken decisively, this market may continue its downward spiral for some time to come.
John, on the other hand, hopes to see some form of improvement in ENJ/BTC first and foremost, albeit it seems unlikely any real changes will occur right away. Bitcoin is tearing it up again, which will drag all alternative markets down a bit in the process. Enjin Coin will not escape that trend, no matter how hopeful one may be.
Although it seems as if the Enjin Coin momentum is far from promising, it is not the only market going through some struggles. This may be the beginning of a downward surge for most altcoins, at least until Bitcoin stabilizes again and the losses can be recuperated by alternative markets. For now, it seems unlikely a reversal will occur, but one never knows how these volatile markets will evolve.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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